Other Comprehensive Income and Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2020

Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]

Changes in accumulated other comprehensive income (loss) (AOCI) [Table Text Block]

The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the years ended December 31, 2020, 2019 and 2018.

	Changes in Net Unrealized Gains (Losses) on Investment Securities
(in millions)	Having No Credit Losses Recognized in the Consolidated Statement of Income		Having Credit Losses Recognized in the Consolidated Statement of Income		Net Benefit Plan Assets and Obligations Recognized in Shareholders’ Equity		Net Unrealized Foreign Currency Translation		Total Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2017	$	747	$	207	$	(686)	$	(611)	$	(343)
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018	(34)		—		—		—		(34)
Income tax benefit	(12)		—		—		—		(12)
Net of taxes	(22)		—		—		—		(22)
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018	145		7		(141)		(35)		(24)
Total effect of adoption of new guidance at January 1, 2018, net of tax	123		7		(141)		(35)		(46)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	(1,151)		(21)		(114)		(227)		(1,513)
Amounts reclassified from AOCI, net of tax	(25)		—		68		—		43
Net OCI, current period	(1,176)		(21)		(46)		(227)		(1,470)
Balance, December 31, 2018	(306)		193		(873)		(873)		(1,859)
OCI before reclassifications, net of tax	2,406		(4)		(14)		106		2,494
Amounts reclassified from AOCI, net of tax	(43)		—		41		7		5
Net OCI, current period	2,363		(4)		27		113		2,499
Balance, December 31, 2019	2,057		189		(846)		(760)		640
OCI before reclassifications, net of tax	1,876		(7)		(53)		21		1,837
Amounts reclassified from AOCI, net of tax	(41)		—		67		(1)		25
Net OCI, current period	1,835		(7)		14		20		1,862
Balance, December 31, 2020	$	3,892	$	182	$	(832)	$	(740)	$	2,502

Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block]

The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).

(for the year ended December 31, in millions)	2020		2019		2018
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	$	2,331	$	2,994	$	(1,489)
Income tax expense (benefit)	496		631		(313)
Net of taxes	1,835		2,363		(1,176)
Having credit losses recognized in the consolidated statement of income	(9)		(4)		(27)
Income tax benefit	(2)		—		(6)
Net of taxes	(7)		(4)		(21)
Net changes in benefit plan assets and obligations	18		33		(56)
Income tax expense (benefit)	4		6		(10)
Net of taxes	14		27		(46)
Net changes in unrealized foreign currency translation	12		117		(247)
Income tax expense (benefit)	(8)		4		(20)
Net of taxes	20		113		(227)
Total other comprehensive income (loss)	2,352		3,140		(1,819)
Total income tax expense (benefit)	490		641		(349)
Total other comprehensive income (loss), net of taxes	$	1,862	$	2,499	$	(1,470)

Pre-tax and related income tax (expense) benefit components of the amounts reclassified from accumulated other comprehensive income to the consolidated statement of income [Table Text Block]

The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.

(for the year ended December 31, in millions)	2020		2019		2018
Reclassification adjustments related to unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (1)	$	(52)	$	(55)	$	(32)
Income tax expense (2)	(11)		(12)		(7)
Net of taxes	(41)		(43)		(25)
Having credit losses recognized in the consolidated statement of income (1)	—		—		—
Income tax benefit (2)	—		—		—
Net of taxes	—		—		—
Reclassification adjustment related to benefit plan assets and obligations:
Claims and claim adjustment expenses (3)	35		21		35
General and administrative expenses (3)	50		31		51
Total	85		52		86
Income tax benefit (2)	18		11		18
Net of taxes	67		41		68
Reclassification adjustment related to foreign currency translation (1)	(1)		7		—
Income tax benefit (2)	—		—		—
Net of taxes	(1)		7		—
Total reclassifications	32		4		54
Total income tax (expense) benefit	7		(1)		11
Total reclassifications, net of taxes	$	25	$	5	$	43

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(1)(Increases) decreases net realized investment gains on the consolidated statement of income.

(2)(Increases) decreases income tax expense on the consolidated statement of income.

(3)Increases (decreases) expenses on the consolidated statement of income.